Saturday, December 7, 2013

PENSION FUND THEFT THE LATEST GOP FAD TO DESTROY THE MIDDLE CLASS

PENSION FUND THEFT THE LATEST GOP FAD TO DESTROY THE MIDDLE CLASS

Chicago Mayor Rahm Emanuel has been exposed as a spokesman for gutting public workers' pensions. And Illinois Gov. Pat Quinn just signed a bill that cut pensions for all of the state's public workers, taking away money earned over decades of work by teachers, firefighters, garbage collectors, and others.

From a post by Bill Hodgson
December 7, 2013

I think Texas has been set up for a similar theft.  This kind of action must be attacked in the court system.  There is no difference in this despicable action by politicians and what the CEO and his co-conspirators did at Enron.  5000 Enron workers were left with no pensions and no health care insurance.  But the numbers in Texas are huge.  The Texas State Teacher's retirement fund is $130+ billion, and the ERS (state workers retirement fund) another 13.7 billion.  I know from personal experience that the ERS illegally denies as many claims as they can, and are in bed with the insurance company that provides short and long term disability insurance, which the worker pays for.  Even after Medicare declares the worker Disabled, the insurance company can "review" the case after 2 years, and decide that the Federal judge was wrong and cut off your coverage.  ERS lawyers side with the insurance company, even though their charter states clearly that the purpose of ERS is to assist workers in obtaining a comfortable retirement.  It is simple corruption.  If ERS is cutting of workers benefits, what is the Government planning to do with the money?   13.5 billion is not small change.  With 15 straight years of GOP sociopaths in the Governors office (Bush and Perry) this scheme has been planned and in operation for over a decade.  I am sure, though I have not researched it, that something even more nefarious is planned for the $130 billion Teacher's retirement fund.  Clearly these huge sums of money are headed for some politico's personal account (off shore probably), if the money isn't already gone and covered up by accounting tricks.  Clue: Bush and Cheney separated the two funds when Bush was Governor.  The Teachers fund has increased in value by 30% since, but benefits have not increased in a decade.  The theft may already have occurred, and there is nothing left to do, but charge the perps, try them and throw them in the state slammer.  It would be just but ironic if Bush and Chaney, both clear cut traitors were imprisoned for something they did at the State level, before being elected to the highest office in the land.  Texas reputation would take on a new spin: "everything is big in Texas, even the amount of money they stole from the State and Federal government.  That means from US.


WE THE PEOPLE.  WAKE UP, WISE UP, AND FIGHT BACK